Telstra accountability as a "private" entity?

Glenn Milne writing in News Limited papers in “T3 really just a Clayton’s privatisation” says that a 30% holding of Telstra shares in the Government’s Future Fund will mean that the Government remains the single largest shareholder. He also wonders whether the new Telstra (already exempt in relation to its commercial activities) will continue to be subject to the Federal FOI Act, and who will appear to answer questions from the Senate Estimates Committee – Telstra or the Future Fund?